FX. Handled.

A Reimagined FX Service
Designed With You in Mind
FX. Handled. That is the concept at the center of our FX offering. When clients
rely on BNY Mellon for their currency trading, hedging, and payments, they
enjoy the peace of mind that comes from knowing that they’re in safe hands
and that it’s all right here.
We take pride in our team of more than 150 talented currency specialists who
bring decades of FX experience to bear.
Enjoy the convenience of We operate cutting-edge technologies that accommodate a wide variety of
trading preferences, from high-touch to self-directed to low-touch and highly

a trusted, comprehensive FX programmatic activities.

We boast an illustrious history spanning almost 230 years, combining the tried

provider that can be counted on and tested market knowledge of the oldest bank in the US with the agility and
innovative drive of a start-up.

to handle all of your currency Our FX offering is not defined by our people, our technology, or our history:
it is defined by you, our clients. Providing a superior client experience is
paramount for us, delivering FX with speed, reliability, and precision while

trading, hedging, and payment offering you access to a unique liquidity pool in which to execute your
currency strategy.

needs. Our FX solutions let you In the following pages, you’ll learn about our updated and enhanced services
lineup, which is the direct result of your feedback and collaboration. In short,
you spoke and we listened.
focus on returns. Many thanks,

Jason Vitale
Global Head of Foreign Exchange

2 3
 Why Choose BNY Mellon
Your Complete Solution for FX?
As one of the world’s largest custodians, we have a distinct perspective
on foreign exchange and can provide you access to a liquidity pool
and community of trading counterparties that are unique among FX
liquidity providers.

1
It’s this singular positioning and insight, along with decades spent helping
Sales & Trading: clients navigate the global markets, that enable us to better meet your FX
• Voice Product breadth: requirements. But what else sets BNY Mellon apart from the competition?
• Electronic – Algos – Options
– Spot – Non-deliverable O U R T R U S T A ND T R A N S PA R E N CY
ts

Our unrelenting client focus, transparent execution, up-to-date market

ig h

– Swaps/ forwards
Forwards intelligence, and passion to deliver for you are the reasons that BNY Mellon’s
I ns

client franchise is one of the most trusted in financial markets.

iFlow

O U R R O B U S T C R E D I T R AT IN G
We define the notion of financial stability. As one of the world’s largest global
custodians, BNY Mellon boasts a credit rating that is among the highest in the

2
financial services industry.
Platforms:
• Overlay O U R C O MP R E HE N S I V E F X S E R V I C E
• Payments We’re equipped to provide all the FX trading, hedging, and payments services
• Prime Brokerage you are likely to need, whether high-touch or programmatic, and with the
benefit of a cost-efficient and integrated workflow.

O U R C O NNEC T I V I T Y
We provide pathways to easy and cost-effective trading, whether through
leading third-party platforms or our own e-trading engine. We’re also
committed to providing open access, utilizing APIs and other technologies
to enable you to connect with us in the manner that best suits you.

3 Program Trading:
• Session Range
• Defined Spread
O U R IN S I G H T S A ND A N A LYS I S
Maintaining an edge in FX requires having the full picture of what is happening
in the markets. BNY Mellon’s seasoned FX experts draw on iFlow—our unique
• Benchmark
perspective at the center of global markets—to inform their analysis and
commentary for you.

4 5
 FX Sales & Trading FX Algos
Easy-to-apply trading tools allow you to manage your currency risk Within our deep and unique FX liquidity pool, we offer a suite of sophisticated
with ease. We’ve also been investing to make our best-in-class product algorithmic strategies. Our FX algo toolkit enables you to express your
offering even better. preferences using low-touch, programmatic trading strategies that have
the potential to help you manage your portfolio.
Our FX teams are based in all major financial centers and available around
the clock, 24/5. Whether or not you custody with BNY Mellon, our team
provides you with advanced and competitive services designed to meet T WA P
your FX demands, regardless of whether you are a financial institution, Time Weighted Average Price is a strategy that executes small,
a buy-side firm, an institutional investor, or a corporate client. evenly distributed orders across a specific time horizon.

IN T E R AC T W I T H U S E L EC T R O NI C A L LY F L OAT
Our electronic FX offering centers on giving you the maximum flexibility An algo strategy that passively posts and re-pegs as prices
and choice in how you trade currencies. fluctuate, designed to move in line with the market.
You can connect with us through our e-trading platform or via third-party
platforms such as Bloomberg, FxAll, ESB Direct, and Spark, into all of which
BNY Mellon is seamlessly integrated. T IME S L I C E R
This algo distributes the entire order across a predefined
We also support a range of order management systems and APIs in order
time window, adhering rigidly to the schedule.
to accommodate your preferred connectivity model.

V WA P
S P E A K T O U S IN P E R S O N Volume Weighted Average Price is a volume-based order
Not every trade is best conducted electronically. As such, the ability to pick that trades in line with historic volume and real-time
up the phone and reach a human being remains an important concern for many variables over a defined time period.
clients—not least during volatile markets when liquidity can become patchy.
If you have specialized trading requirements, are seeking to trade a more P OV
customized or less liquid instrument, or simply want to speak to somebody Percentage of Volume determines a trading strategy based
in person during turbulent markets—our team is standing by to help. on historic volumes and the defined participation rate.

HUNT
Hunt finds liquidity at favourable prices but urgently fills
an order if prices move against you.

6 7
 FX Program Trading
Even for the most active participants in currency markets, FX trading OUR PROGR AMS
and hedging may not be central to your day-to-day activities. Nonetheless,
Session Range
cross-border payments and currency exchanges may still be an important
part of your business, even if not a core competency. Trading FX in the session range program is useful if you’re executing
transactions throughout the day. This program calculates one rate per
In such circumstances, our FX Program Trading desk is here to help. session by considering the market range over a predefined trading period.
We provide transparent, rules-based currency program execution that
frees you to focus on your primary business goals. Defined Spread
Some clients might prefer a more tailored approach to the execution
Our FX Program Trading unit is also segregated from our FX Sales & of their FX trades. The Defined Spread program enables you to arrange
Trading business and all of our programmatic trading services benefit up to 12 predetermined, independent pricing times throughout a trading
from price netting. day—giving you the opportunity to execute at a range of prices across
the session.
AU T O M AT I O N C O MB INE D W I T H C U S T O MIZ AT I O N
Our extensive suite of non-discretionary FX trading programs execute your Benchmark
orders in systematic fashion, but also hand you the ability to determine key Our most flexible FX pricing program, Benchmark allows participants
elements of how our program operates, enabling you to execute in the manner to select the timing of their FX execution at independent fixings or at any
you require. hour throughout the trading day between 3 a.m. and 9 p.m. London time.

All of our programs benefit from intraday reporting, which gives you more NEW: Large Order Execution
visibility into your order status, micro-timestamping on your transactions
You can now access programmatic algorithmic execution methods
so you know precisely when your trade was executed, and TCA compatibility
for orders over a certain size. This new capability enables you to
to enable you to independently evaluate our prices.
design elements of your standing orders.
We also offer seamless integration into your order management system of
choice and access to cutting-edge APIs that enable you to transact according
to your preferences.
You also have access to Large Order Execution capabilities, which enable
you to take advantage of programmatic algorithmic execution methods
for orders over a certain size threshold.

8 9
 FX Platforms
Our FX Platforms go beyond our suite of currency trading tools, offering you F X P R IME B R O K E R AG E
a broader range of integrated services. If you wish to follow sophisticated FX Due to regulatory requirements, as well as stricter bank capital and
hedging strategies, need to facilitate overseas payments, or seek additional margin obligations, many clients are finding it harder to access liquidity.
liquidity provided by prime brokerage, then our FX Platforms are for you. Our prime brokerage service offers an alternative avenue through which
to access the market.
F X OV E R L AY You can centralize all your portfolio obligations and consolidate your entire
Hedging FX is a risk management necessity for investment managers and collateral exposure at BNY Mellon, leaving your post-trade workflow to us.
asset owners. Whatever your hedging needs, our seasoned team of product
In addition to enjoying the benefits of scale and credit that we provide,
specialists can create tailored overlay solutions that precisely match your
you will have access to our bank’s deep pool of liquidity providers.
specific requirements.1
With $100 billion of hedged assets under management, our FX overlay Key Service Features
solutions are designed to improve tracking efficiency, reduce operational • Access to abundant FX liquidity
risk, and provide full visibility into your execution. • Portfolio netting to reduce gross counterparty exposure
We perform your FX overlay strategy, executing hedges, adjustments, • IM and VM consolidation
and rolls—all in an efficient and consolidated manner. Plus, FX overlay
• Collateral transformation via our Collateral Management
comes with comprehensive reporting to ensure full transparency into
and Securities Finance services
how you are being hedged.
• Automated post-trade workflow
We offer two principal FX overlay programs:
• 24-hour client service
Share Class Hedging
Working with a truly global franchise
This program supports the distribution of your funds to investors around
We offer coverage and support across all major currency pairs,
the globe, while insulating them from excessive currency volatility.
including non-deliverable forwards. We also boast a major presence
The program is designed to reduce exchange rate fluctuations from
in the interdealer market.
one base currency to another, or to a basket of currencies
Following the regulatory flow
Portfolio Overlay Hedging
Facing complex legal frameworks, such as MiFID II and non-cleared
Supports mitigation—in whole or in part—of your FX exposure,
margin rules, we provide a range of back-office solutions to help you
either within a single portfolio or by hedging against currency risk
more effectively manage your FX assets.
in an aggregated holding made up of several portfolios.

10 BNY Mellon does not act as an adviser.

1
11
 F X PAY ME N T S Key Service Features
The ability to make efficient and cost-effective cross-border payments • Eliminate the need to maintain local currency accounts
is essential for businesses operating in a global marketplace. That’s why • Initiate payments directly from your account to pay beneficiaries globally
it is important to partner with a bank network that can securely process
• Send payments in over 120 currencies
your cross-border FX payment activity.
• Receive support from our local client services teams
FX Payments enables you to complete transactions in over 160 countries
via multiple channels, leveraging BNY Mellon’s extensive global payments If you want a choice of payment options and more, we provide:
infrastructure and local market expertise. • Direct channels, including SWIFT, FedWire, web, or file uploads
Our service also helps to eliminate requirements to maintain accounts • Negotiated or daily rate options
in local markets and allows you to fully integrate our quotes into your • Pay by wire, drafts, or low-value clearing systems (iACH)
internal systems via APIs for even greater transparency into your FX rate.
• 24/5 support

BNY Mellon: The Global Leader in Payments

BNY Mellon is at the vanguard of the international payments industry.
In 2017 we originated the industry’s first-ever Real-Time Payment (RTP)
on The Clearing House RTP network, and we are now in the process of
rolling out our E-Bill and Payments service to US retail consumers.

We are also a leader in cross-border payments, being the first US bank to

support the new SWIFT Go functionality for low-value payments in 2021.
The same year, The Banker recognized BNY Mellon with its Transaction
Bank of the Year Award in Payments for our pioneering work in RTP.

12 13
 iFlow Global Heat Map

iFlow
Our iFlow platform offers you in-depth market analysis and insight to
inform your trading strategies. This intelligence is derived from aggregated
and anonymized investor flows in 37 currencies as well as fixed income and
equities markets in 31 countries.

Flows iFlow Monitor

Investment Styles

14 15
 iFlow Insights
These insights can be accessed via our iFlow platform, or they can iF L OW W E E K LY
be conveniently delivered into your inbox each day. iFlow Weekly examines flows for 37 economies tracked
iFlow
WEEKLY across FX, equities, and fixed income, with insights
Choose one or all of the following iFlow delivery formats to best suit June 18, 2021
from our Market Strategy team.
how you like to receive your market intelligence:
Please find attached the latest edition of iFlow Chart.

In this publication, we present 37 individual snapshots of economies across all regions of

the globe. Each snapshot contains five time series charts for the past twelve months:

1. A daily FX flow indicator 4. Daily corporate bond flow

2. FX holdings and profitability 5. Daily sovereign debt flow
in these holdings
3. Daily equity flow by corporations

To enlarge the charts, please click the image below.

iF L OW M O R NIN G B R IE F IN G
Delivered at 7 a.m. London time each day, Morning Briefing delves
into developments over the past 24 hours, supported by unique
insights drawn from our asset flows—and it looks to the events iF L OW M O N T HLY
iFlow Monthly is a culmination of all our flow data,
set to drive market behaviors for the trading day ahead. iFlow
There are clear bifurcations between currency longs – which have generally been
profitable – and short positions, which have for the most part been unprofitable.

Key highlights this week:

MONTHLY
1. After a long period of selling, US Treasury flows have turned around and been in
combined with analysis from our strategists highlighting
positiveterritory for most of the past three months (page 14). USD flows are also picking up
and positioning is the least underweight it's been for at least the past year.

2.June
AUD 18,

negative
2021 are heavily overweight, but losing money (page 4), while NZD holdings
holdings
are heavily underweight and also loss-making. Flows into the kiwi (page 12) have been
for most
Please find of 2021.
below our monthly iFlow update.
the most interesting longer-term investment trends they
3.Attached
Canadian
sustained
iFlow Hedge.
is government
the May 2021 bond flows
edition of (page 5) have
our iFlow finally
Monthly, started to
including relent,
iFlow after
Cloud a
and
period of very heavy inflows since March of this year. CAD currency holdings
are very overweight, but have been in-the-money as CAD has appreciated.
To enlarge the image, please click the image below.
have been seeing over the past 30 days.
4. Eurozone equity and corporate bond flows (page 8) are negative; the former is a fairly
recent (since mid-May) development while the latter has been the case since February of
iFlow Cloud
May 27, 2021
this year.
Four quadrants:
over/under held and
5.in/out
Positive
flow. inflows into BRL (page 17) remain and positioning is increasing, while those
Clouds denote
holdings have
distribution over the been profitable. By contrast, in Mexico (page 20), currency flows are
past 1,000 days for
negative
each currency.and the overweight holdings have started to come off, even as they remain
Blue/Red denote
in-the-money.
position profitability.
SOURCE: BNY Mellon
6. Brazilian equities are also bid (page 17), while Mexican fixed income flows - both
corporate and government bonds - are positive (page 20), illustrating another contrast in
the two largest markets in the region.

7. Currency flows into the HUF (page 26) have been positive since March, and holdings
are getting quite large (and profitable). Demand for Hungarian equities is also very strong
and has been for a month.

8. South African currency flows as well as sovereign bond flows are strong (page 32), and
ZAR positions are long and profitable.

iF L OW S H O R T T H O U G H T S 9. HKD has seen a period of strong and positive inflows (with a slight wobble in April) since
March. Holdings of HKD are extended after having been underweight for most of the
pandemic period, and they are making money (page 35).

This weekly publication delivers insights from our short-duration

10. Thai currency flows have been consistently negative for three months now, while equity

iF L OW L I V E
flows are also seeing outflows. Very recently, sovereign bond flows have also become
negative. THB positions are deeply underweight, and those shorts are making money
(page (43).

fixed income and securities finance specialists, providing you To access this
Compared to week's
the endiFlow Chart
of April, click
when on the thumbnail
positions above,
were rather or click
dispersed, here.
iFlow Cloud shows

Our weekly briefing video provides a two-minute overview

that they are currently more clustered, with the exception of Latin America. Most of the
underweights across G10 and APAC have been out of the money lately. The two biggest
John Velis
outliers are JPY (underweight with negative flows) and TRYwhich is very overweight but

with analysis of developments at the short end of the curve

FX and Macro Strategist, Americas
extremely unprofitable. Generally, the longs have been profitable. HUF is also
[email protected]

of the most compelling insights our strategists have been

1 iFlow Monthly Update
overweight, but well in-the-money.
September 7, 2021 Meanwhile, in hedging behavior in the sovereign bond market, we see hedging in

Tighter Basis, Tighter Rates across asset classes—enriched by intelligence from iFlow. Mexican bonds, while investors are willing to take currency exposure in Brazil (the

monitoring in the past seven days.

same as last month). In G10 we also see open FX exposure in the UK and Norway.
Elsewhere, sovereign bond hedging is apparent in Israeli bonds.
USD basis swap Excess liquidity Cross-border demand
In equities, we have noticed broad selling from APAC equities, and looking at iFlow
spreads are continues to drive for US government hedge, we see open currency positions in these equity outflows in India, Korea and
historically narrow spreads tighter paper wanes Singapore. Blue bars in APAC stocks are seen in India, Korea, and Singapore, which
indicate both equity and currency selling in these markets.

John Velis
No Basis for Dollar Demand FX and Macro Strategist, Americas
Excess liquidity in dollar funding markets has pushed short-term interest rates to extreme
lows. The factors that have created this excess cash at the front end have are well known
and have been documented by us in the past.

They include – among other things - regulatory constraints on banks that disincentivize the
holding of US Treasury securities, ongoing and excessive quantitative easing by the
Federal Reserve, and the drawdown in the US Treasury’s General Account (TGA).

Through Friday of last week, the amount of cash placed in the Fed’s RRP facility has now
topped $1 trillion for nearly four consecutive weeks, averaging nearly $1.1 trillion in that
period.

A E R I A L V IE W
Just as front-end rates have collapsed, cross-currency basis – the premium or discount
paid by foreigners to borrow dollars – has also tightened to historically anomalous levels.
Typically, dollar demand keeps these basis swap rates quite negative as the premium for

iF L OW M O NI T O R
borrowing dollars outside of the US versus doing the same inside the US and swapping

A field guide for anyone seeking to stay at the cutting

Released daily at 8 a.m. ET, iFlow Monitor gives you an instant edge of market structure, investing, trading, and
iFlow
MONITOR visual glimpse of the flow activity recorded over the past week, liquidity, Aerial View not only leverages iFlow but
June 18, 2021

Please find below our daily iFlow update.

month, and quarter. also the perspectives of our clients and industry
The table at the top shows normalized cumulative
aggregate flow in and out of 34 economies.

In the three charts underneath, we update rank

experts, as well as BNY Mellon’s broader position
at the center of global financial markets.
correlations between iFlow FX flows from these
economies with local yields for iFlow Carry, momentum
for iFlow Trend and valuation for iFlow Value.

High/low readings in these charts denote strong/weak

JOHN ARABADJIS, PHD
flows correlation with each singular investment style. Head of Markets Macro Strategy
For each investment style, we add holdings data where Product & Analytics
blue/amber correspond to statistically significant
Email >
high/low positioning.

For a detailed explanation of iFlow Monitor content

see here.

To enlarge iFlow Monitor, please click the image below.

16 17
 Our Global FX Franchise

4 3

1 10
2 7
1. B O S T O N
2 . NE W YO R K
8
3. F R A NK F UR T
4 . L O ND O N
5
5. H O NG KO NG
6 . S ING A P O R E
7. S EO UL
8 . S H A NGH A I
9
9. TA IP E I
10. T O K YO

18 19
 FX: Our Experts
We’ve built a world-class team of seasoned professionals to support your
FX needs. So feel free to contact any of our experts with questions about
how we can help drive your performance.

Jason Vitale Harry Moumdjian

Global Head of Foreign Exchange Global Head of FX Sales
Jason spent much of his career in Europe, where he ran Harry unifies BNY Mellon's global FX sales teams under his
one of the world’s largest FX and fixed income franchises. leadership, informed by more than 20 years of FX sales and
Now based in the US, he’s driving the development of our trading experience at some of Wall Street's largest banks.
new-look FX business.

Ed McGann
Paul Matherne Global Head of FX Program and Platform Sales
Global Head of FX Trading and Head of FX EMEA
A true FX veteran of over 35 years, Ed leads our FX overlay
Paul has extensive international experience, having built
and FX payments businesses, where he brings to bear his
short-term rates trading desks across EMEA, APAC and
more than three decades of experience to service clients.
now globally. He’s client-focused and deeply versed in
both FX and fixed income markets.
Daniel Tenengauzer
Yvonne Thom Global Head of Markets Strategy & Insights
Co-Head of APAC FX Daniel is the leader of our Aerial View commentary team.
He is a seasoned global macro researcher with more than 20
Yvonne brings 23 years of experience and a unique perspective to
years of cross-asset experience on both the buy and sell-side.
her role as Co-Head of APAC FX. Having held senior positions as
head of Global Intermediary Services for APAC at HSBC and Co[1]
Head of APAC FX Sales at Morgan Stanley in Hong Kong, Yvonne is
an invaluable asset in the successful execution of our goals.
Paresh Shah
Global FX Chief Operating Officer
Over the past 20 years, Paresh has worked in both FICC and
Jordan Barnett Equities markets. He has extensive experience across Business
Global Head of Program Trading, Platforms and Product Development, Strategic Investments, Risk, Governance &
Operational Controls, Business Change and Financial Resource
Jordan leads our Program Trading business, having previously
Management, in addition to boasting great expertise in driving
served as our global head of FX spot trading. He has more than
business strategy and expansion while balancing sustained
20 years of experience in FX trading on both the buy and sell side,
growth.
including seven years as a senior trader at one of the world’s
largest hedge funds.

20 21
 FX. Handled.
For more information about our FX offering,
please email [email protected]
or contact your relationship manager.

22 23
bnymellon.com

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic provide, financial or capital markets services of any kind in Malaysia under the Capital Markets and Services
term to reference the corporation as a whole and/or its various group entities. This material and any products Act 2007 of Malaysia or Financial Services Act 2013 of Malaysia.
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authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of For clients located in New Zealand: The Bank of New York Mellon does not hold a market services license
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The Bank of New York Mellon, a banking corporation organized pursuant to the laws of the State of New York, The Bank of New York Mellon has various other branches in the Asia-Pacific Region which are subject to
whose registered office is at 240 Greenwich St, NY, NY 10286, USA. The Bank of New York Mellon is supervised regulation by the relevant local regulator in that jurisdiction.
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The Bank of New York Mellon operates in the UK through its London branch (UK companies house numbers The Bank of New York Mellon, DIFC Branch, regulated by the Dubai Financial Services Authority (“DFSA”) and
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This material may not be reproduced or disseminated in any form without the prior written permission of BNY
The Bank of New York Mellon SA/NV operates in France through its Paris branch at 7 Rue Scribe, Paris, Paris Mellon. Trademarks, logos and other intellectual property marks belong to their respective owners.
75009, France. The Bank of New York Mellon SA/NV, Paris Branch is subject to limited additional regulation by
Secrétariat Général de l’Autorité de Contrôle Prudentiel at Première Direction du Contrôle de Banques (DCB Pursuant to Title VII of The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the
1), Service 2, 61, Rue Taitbout, 75436 Paris Cedex 09, France (registration number (SIREN) Nr. 538 228 420 RCS applicable rules thereunder, The Bank of New York Mellon is provisionally registered as a swap dealer with
Paris - CIB 13733). the Commodity Futures Trading Commission and is a swap dealer member of the National Futures Association
(NFA ID 0420990).
The Bank of New York Mellon SA/NV operates in Italy through its Milan branch at Via Mike Bongiorno no.
13, Diamantino building, 5th floor, Milan, 20124, Italy. The Bank of New York Mellon SA/NV, Milan Branch is BNY Mellon (including its broker-dealer affiliates) may have long or short positions in any currency, derivative
subject to limited additional regulation by Banca d’Italia - Sede di Milano at Divisione Supervisione Banche, or instrument discussed herein. BNY Mellon has included data in this material from information generally
Via Cordusio no. 5, 20123 Milano, Italy (registration number 03351). available to the public from sources believed to be reliable. Any price or other data used for illustrative
purposes may not reflect actual current conditions. No representations or warranties are made, and BNY
The Bank of New York Mellon SA/NV operates in Denmark as The Bank of New York Mellon SA/NV, Copenhagen Mellon assumes no liability, as to the suitability of any products and services described herein for any
Branch, filial af The Bank of New York Mellon SA/NV, Belgien, and has its registered office at Tuborg Boulevard particular purpose or the accuracy or completeness of any information or data contained in this material. Price
12, 3. DK-2900Hellerup, Denmark. It is subject to limited additional regulation by the Danish Financial and other data are subject to change at any time without notice.
Supervisory Authority (Finanstilsynet, Århusgade 110, 2100 København Ø).
The Bank of New York Mellon SA/NV only provides its services outside of Hong Kong. Any transactions that are
The Bank of New York Mellon SA/NV operates in England through its London branch at 160 Queen Victoria intermediated by The Bank of New York Mellon, Hong Kong Branch are carried on through The Bank of New York
Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361. The Mellon, Hong Kong Branch in compliance with the “dealing through” (or other) exemption, and not directly by
Bank of New York Mellon SA/NV, The Bank of New York Mellon SA/NV.

London branch is authorized by the ECB (address above) and is deemed authorised by the Prudential Investment in any floating rate instrument presents unique risks, including the discontinuation of the floating
Regulation Authority (address above). Subject to regulation by the Financial Conduct Authority and limited rate reference or any successors or fallbacks thereto. BNY Mellon does not guarantee and is not responsible
regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows for the availability or continued existence of a floating rate reference associated with any particular
EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the instrument. Before investing in any floating rate instrument, please evaluate the risks independently with your
Financial Conduct Authority’s website. financial, tax and other advisors as you deem necessary.

The Bank of New York Mellon SA/NV operates in Spain through its Madrid branch with registered office at Neither BNY Mellon nor any other third party provider shall be liable for any errors in or delays in providing
Calle José Abascal 45, Planta 4ª, 28003, Madrid, and enrolled on the Reg. Mercantil de Madrid, Tomo 41019, or making available the data (including rates, WM/Reuters Intra-Day Spot Rates and WM/Reuters Intra-Day
folio 185 (M-727448). The Bank of New York Mellon, Sucursal en España is registered with Banco de España Forward Rates) contained within this service or for any actions taken in reliance on the same, except to the
(registration number 1573). extent that the same is directly caused by its or its employees’ negligence. The WM/Reuters Intra-Day Spot
Rates and WM/Reuters Intra-Day Forward Rates are provided by The World Markets Company plc (“WM”) in
Regulatory information in relation to the above BNY Mellon entities operating out of Europe can be accessed conjunction with Reuters. WM shall not be liable for any errors in or delays in providing or making available the
at the following website: https://www.bnymellon.com/RID. data contained within this service or for any actions taken in reliance on the same, except to the extent that
the same is directly caused by its or its employees’ negligence.
For clients located in Switzerland: The information provided herein does not constitute an offer of financial
instrument or an offer to provide financial service in Switzerland pursuant to or within the meaning of the The products and services described herein may contain or include certain “forecast” statements that may
Swiss Financial Services Act (“FinSA”) and its implementing ordinance. This is solely an advertisement reflect possible future events based on current expectations. Forecast statements are neither historical facts
pursuant to or within the meaning of FinSA and its implementing ordinance. nor assurances of future performance. Forecast statements typically include, and are not limited to, words
such as “anticipate”, “believe”, “estimate”, “expect”, “future”, “intend”, “likely”, “may”, “plan”, “project”,
Please be informed that The Bank of New York Mellon and The Bank of New York Mellon SA/NV are entering “should”, “will”, or other similar terminology and should NOT be relied upon as accurate indications of future
into the OTC derivative transactions as a counterparty, i.e. it is acting for its own account or for the account of performance or events. Because forecast statements relate to the future, they are subject to inherent
one of its affiliates. As a result, where you enter into any OTC derivative transactions with us, you will not be uncertainties, risks and changes in circumstances that are difficult to predict.
considered a “client” (within the meaning of the FinSA) and you will not benefit from the protections otherwise
afforded to clients under FinSA. iFlow® is a registered trademark of The Bank of New York Mellon Corporation under the laws of the United
States of America and other countries. iFlow captures select data flows from the firm’s base of assets under
The Bank of New York Mellon, Singapore Branch, is subject to regulation by the Monetary Authority of custody, as well as from its trading activity with non-custody clients, on an anonymized and aggregated basis.
Singapore. The Bank of New York Mellon, Hong Kong Branch (a branch of a banking corporation organized and
existing under the laws of the State of New York with limited liability), is subject to regulation by the Hong Kong This document is intended for private circulation. Persons accessing, or reading, this material are required
Monetary Authority and the Securities & Futures Commission of Hong Kong. to inform themselves about and to observe any restrictions that apply to the distribution of this information
in their jurisdiction.
For recipients of this information located in Singapore: This material has not been reviewed by the Monetary
Authority of Singapore. FX Overlay is provided under and subject to the terms of a definitive agreement between BNY Mellon and the
client. BNY Mellon exercises no investment discretion thereunder, but acts solely pursuant to the instructions
The Bank of New York Mellon is regulated by the Australian Prudential Regulation Authority and also holds in such agreement or otherwise
an Australian Financial Services Licence No. 527917 issued by the Australian Securities and Investments
Commission to provide financial services to wholesale clients in Australia. provided by the client. Unless provided by definitive agreement, BNY Mellon is not an agent or fiduciary
thereunder, and acts solely as principal in connection with related foreign exchange transactions.
For clients located in Brunei: The Bank of New York Mellon does not have a banking license under the Banking
Order 2006 of Brunei, or capital market service license under the Securities Market Order 2013 to carry out The Bank of New York Mellon, member of the Federal Deposit Insurance Corporation (“FDIC”).
banking business, or to provide investment advice to clients in, or to undertake investment business, in Brunei.
© 2022 The Bank of New York Mellon Corporation. All rights reserved.
For clients located in Malaysia: None of the Bank of New York Mellon group entities, including the Bank of New
York Mellon, Kuala Lumpur, Representative Office, are registered or licensed to provide, nor does it purport to